The Fact:
If the top 20 clients are removed from the equation, a typical financial planner generates less than $600/year (before payout to head office and expenses) from an average client.

The Implications:
While the average advisor has many small clients, cross-licensing, and the resulting expansion in the product/service shelf, may have a positive impact on this otherwise negative result. Cross-selling represents a substantial opportunity for the majority of advisors. This process not only supports business development, but allows advisors to offer a higher level of service to their clients.

The Idea:
Track cross-selling opportunities in your contact management system in order to facilitate client marketing campaigns. You should ideally be able to generate a list of all candidates for a given product or service with the click of a button. With that information available you can run targeted marketing campaigns each quarter, focusing only on those clients with a defined need. For example, you might run campaigns on estate planning and long-term care insurance in the next six months. Each campaign would be specifically targeted against a smaller sub-group of your clients.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.

Attend CAIFA’s National Conference to learn more ways to achieve long-term success. Visit www.caifa.com for more information and to register.